2018-10-31
Overview:
Pivot point: 0.7107
The AUD/USD pair faced resistance at the level of 0.7146, while minor resistance is seen at 0.7107 (Pivot point). Support is found at the levels of 0.7043 and 0.6980. Also, it should be noted that a daily pivot point has already set at the level of 0.7107. Equally important, the AUD/USD pair is still moving around the key level at 0.7107, which represents a daily pivot in the H1 time frame at the moment. The AUD/USD pair continued to move upwards from the level of 0.7043. The pair rose from the level of 0.7043 (this level of 0.7043 coincides with the double bottom) to the top around 0.7146. In consequence, the AUD/USD pair broke resistance, which turned strong support at the level of 0.7146. The level of 0.7043 is expected to act as major support today. From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7043 towards the target level of 0.7146. If the pair succeeds in passing through the level of 0.7146, the market will indicate the bullish opportunity above the level of 0.7146 in order to reach the second target at 0.7179. However, if a breakout happens at the support level of 0.7043, then this scenario may be invalidated.
GBP/USD analysis for October 31, 2018
2018-10-31
Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2747. According to the H1 time – frame, I have found the bullish breakout of the 11-hour balance, which is a sign that buyers are in control today. I have also found that price broke the most recent resistance trendline, which is another sign of the strength. GBP/USD is trading inside of the downward channel and the breakout of channel will confirm a further upward movement. Watch for buying opportunities. Take profit level is set at the price of 1.2845.
Analysis of Gold for October 31, 2018
2018-10-31
Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,215.00 and reached my yesterday's target. Anyway, according to the H4 time – frame, I have found that key support ($1,215.00) in on the test and that Gold got trouble to break it, which is a sign that selling at this stage looks risky. My advice is to watch for buying opportunities if you see a breakout of the supply trendline. The upward target is set at the price of $1,230.80. Anyway, if you see breakout of the key support, watch for further downside.
USD/CHF Testing Resistance, Prepare For Reversal
2018-10-31
USD/CHF is testing its resistance at 1.0056 (100% & 61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.0001 (61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (89, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
USD/CHF is testing its resistance where we expect to see a reversal.
Sell below 1.0056. Stop loss at 1.0108. Take profit at 1.0001.
Intraday technical levels and trading recommendations for EUR/USD for October 31, 2018
2018-10-31
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
On October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.
However, temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until a bearish breakdown of 1.1520 occurred again on October 17.
Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.
As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.
The current bearish breakout has initial targets around 1.1275 and probably 1.1100 if sufficient bearish pressure is demonstrated.
Intraday technical levels and trading recommendations for GBP/USD for October 31, 2018
2018-10-31
On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
Bearish persistence below the price level of 1.2970 (50% Fibo level) enhanced further bearish decline towards 1.2790 where the lower limit of the movement channel and 79.8% Fibonacci Level are located.
On H4 chart, the GBP/USD pair looks oversold around the current price levels (1.2700). BUY entries are preferred at the current situation (the lower limit of the depicted H4 channel).
As for the bullish breakout scenario to remain valid, bullish persistence above 1.2790 (the depicted channel upper limit) and an early breakout above 1.3000 (50% Fibo level) are mandatory to maintain sufficient bullish momentum towards 1.3200.
On the other hand, the current bearish persistence below 1.2790 allows a further decline towards 1.2695 and 1.2660. That's why, price action should be watched around the price level of 1.2790 (79.8% Fibo level) for further trading decisions.
Pivot point: 0.7107
The AUD/USD pair faced resistance at the level of 0.7146, while minor resistance is seen at 0.7107 (Pivot point). Support is found at the levels of 0.7043 and 0.6980. Also, it should be noted that a daily pivot point has already set at the level of 0.7107. Equally important, the AUD/USD pair is still moving around the key level at 0.7107, which represents a daily pivot in the H1 time frame at the moment. The AUD/USD pair continued to move upwards from the level of 0.7043. The pair rose from the level of 0.7043 (this level of 0.7043 coincides with the double bottom) to the top around 0.7146. In consequence, the AUD/USD pair broke resistance, which turned strong support at the level of 0.7146. The level of 0.7043 is expected to act as major support today. From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7043 towards the target level of 0.7146. If the pair succeeds in passing through the level of 0.7146, the market will indicate the bullish opportunity above the level of 0.7146 in order to reach the second target at 0.7179. However, if a breakout happens at the support level of 0.7043, then this scenario may be invalidated.
GBP/USD analysis for October 31, 2018
2018-10-31
Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2747. According to the H1 time – frame, I have found the bullish breakout of the 11-hour balance, which is a sign that buyers are in control today. I have also found that price broke the most recent resistance trendline, which is another sign of the strength. GBP/USD is trading inside of the downward channel and the breakout of channel will confirm a further upward movement. Watch for buying opportunities. Take profit level is set at the price of 1.2845.
Analysis of Gold for October 31, 2018
2018-10-31
Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,215.00 and reached my yesterday's target. Anyway, according to the H4 time – frame, I have found that key support ($1,215.00) in on the test and that Gold got trouble to break it, which is a sign that selling at this stage looks risky. My advice is to watch for buying opportunities if you see a breakout of the supply trendline. The upward target is set at the price of $1,230.80. Anyway, if you see breakout of the key support, watch for further downside.
USD/CHF Testing Resistance, Prepare For Reversal
2018-10-31
USD/CHF is testing its resistance at 1.0056 (100% & 61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.0001 (61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (89, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
USD/CHF is testing its resistance where we expect to see a reversal.
Sell below 1.0056. Stop loss at 1.0108. Take profit at 1.0001.
Intraday technical levels and trading recommendations for EUR/USD for October 31, 2018
2018-10-31
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
On October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.
However, temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until a bearish breakdown of 1.1520 occurred again on October 17.
Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.
As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.
The current bearish breakout has initial targets around 1.1275 and probably 1.1100 if sufficient bearish pressure is demonstrated.
Intraday technical levels and trading recommendations for GBP/USD for October 31, 2018
2018-10-31
On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
Bearish persistence below the price level of 1.2970 (50% Fibo level) enhanced further bearish decline towards 1.2790 where the lower limit of the movement channel and 79.8% Fibonacci Level are located.
On H4 chart, the GBP/USD pair looks oversold around the current price levels (1.2700). BUY entries are preferred at the current situation (the lower limit of the depicted H4 channel).
As for the bullish breakout scenario to remain valid, bullish persistence above 1.2790 (the depicted channel upper limit) and an early breakout above 1.3000 (50% Fibo level) are mandatory to maintain sufficient bullish momentum towards 1.3200.
On the other hand, the current bearish persistence below 1.2790 allows a further decline towards 1.2695 and 1.2660. That's why, price action should be watched around the price level of 1.2790 (79.8% Fibo level) for further trading decisions.
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